Acquiring Minds Buy Well, Exit Better: A $67m Win in 4 Years
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Nov 17, 2025 Greg Geronemus, former co-CEO of Smart Tours and now a managing partner at Footbridge Partners, shares his journey in acquiring a profitable travel business. He discusses the unique challenges of searching in the competitive New York market and the innovative strategies used for outreach. Geronemus reveals how partnering with universities boosted growth and why direct mail proved to be more effective than digital marketing. He shares insights into the sale process, achieving a remarkable 9x EBITDA return, and highlights key lessons in acquisition discipline and risk management.
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Search Sparked At HBS
- Greg and his partner David discovered search funds at HBS and fell in love with the model during business school.
- Their independent project helped catalyze HBS's early ETA course taught by Rick and Royce.
Mix High-Volume Outreach With In-Person Networking
- Do a geographically focused, high-volume outreach while also attending local in-person networking events.
- Balance desk outreach with meeting people face-to-face to increase chances of a deal appearing unexpectedly.
Deal Sourced From A Casual Introduction
- A commercial banker introduced Greg to an accountant who sketched a favorable deal structure on a sheet of paper.
- That casual meeting led directly to the Smart Tours acquisition opportunity.